What is Polygon (MATIC)?

Table of content

  • Who Developed Polygon?
  • How Does Polygon (MATIC) Work?
  • Why Does MATIC Have Value?
  • Why Use MATIC?
  • A polygon with comparison to Ethereum:
  • FAQs about Polygon:

Who Developed Polygon?

In 2017, the Thematic Network, a predecessor of Polygon, was developed in India. Three seasoned Ethereum developers—Jayanti Kanani, Sandeep Nailwal, Anurag Arjun—and Mihailo Bjelic- were behind it.

Some of the greatest names in the decentralized finance (DeFi) industry, including MakerDAO and Decentraland, have joined the Matic Network since its establishment in 2020. The Matic Network became Polygon in February 2021.

valuation-powered components from the main blockchain before they are performed elsewhere, including on sidechains. As a result, the mainchain’s throughput increases, and the network’s proficiency in evaluating performance is distributed. As they are crucial to the widespread acceptance of cryptographic currency, Layer-2 solutions are becoming increasingly well-known.

Polygon’s modular platform for creating custom networks enables developers to deploy pre-set blockchain networks swiftly. Any blockchain can easily collaborate freely with another blockchain, thanks to Polygon.

Think of the MATIC sidechain as an essential component of the enormous Ethereum ecosystem that offers users standardized project implementation and a productive environment. Any decentralized Ethereum application or another Ethereum-viable blockchain can be transferred to the Matic Sidechain to operate in a substantially improved environment.

Customers who wish to interact with decentralized applications that have migrated to the MATIC Sidechain must:

  • Verify the purported Predicate Contract transmitted on the Ethereum network, enabling the tokens to be sent on the MATIC Sidechain.
  • Tokens will be stored on the MATIC Sidechain automatically following the predicate contract’s verification. In this cycle, the “ChildChainManager” smart contract, activated by the “RootChainManager” smart contract, generates the appropriate number of bolted or stored tokens on the MATIC network.

How to withdraw tokens from Ethereum:

  • The Matic sidechain must be burnt before the tickets can be used.
  • It is necessary to verify this burned exchange to the Ethereum mainchain.

When this cycle is complete, the Ethereum mainchain’s “RootChainManager” smart contract will store back resources for the client’s location (wallet).

How Does Polygon (MATIC) Work?

The MATIC Sidechain from Polygon operates similarly to other blockchains that rely on Proof-of-Stake. Its structure, currency, client nodes, local Dapps, validator nodes, etc., are comparable to other networks, except that exchanges are clustered and settled over the Ethereum mainchain.

It’s good that Polygon has promoted a layer-2 network for creating interoperable, Ethereum-viable blockchain networks.

Technologies for layer-2 scalability refer to off-chain solutions. This involves reducing or removing e

A scaling solution called Polygon, known initially as the Matic Network, aims to provide multiple tools to improve the speed and simplify transactions on blockchain networks.

At the heart of Polygon’s vision is Ethereum, a platform that hosts a variety of decentralized applications, including those that allow you to join virtual worlds, play games, buy art, and participate in various financial services. However, with so much activity on its blockchain, Ethereum has become almost unusable, as transmission costs are rising, and traffic is becoming clogged.

currently a polygon. Because Polygon calls itself a layer-2 network and doesn’t try to change the fundamental structure of the blockchain, it works as an extension of Ethereum. Polygon has a wide range

Why Does MATIC Have Value?

The Polygon network’s native cryptocurrency, MATIC, can be used for staking, paying transaction fees, and promoting network growth.

Users can earn MATIC tokens by supplying computing resources and services to the Polygon network. This can be performed through the network’s execution of smart contracts or transaction validation.

Additionally, users can vote on network upgrades by holding and staking the cryptocurrency MATIC, with each vote being proportional to the amount of MATIC they have.

There will always be at most 10 billion MATIC coins in circulation because, like many other cryptocurrencies, the quantity of MATIC tokens is constrained.

Why Use MATIC?

The Polygon Network’s ability to scale Ethereum may attract supporters, and developers can use Polygon’s technology to create more user-friendly decentralized applications (daps) on its blockchain.

Sushi, a decentralized trading platform; Augur, a prediction market platform. And Ocean Protocol, a platform that enables companies and individuals to trade and monetize data and data-based services, is a few examples of Dapps built on Polygon.

If investors think Layer-2 fixes can enhance the Ethereum Network, they might try to purchase MATIC and include it in their portfolio.

A polygon with comparison to Ethereum:

You must first have some familiarity with Ethereum and some blockchain developer lingo in order to comprehend Polygon.

The “blockchain trilemma” refers to the difficulty blockchain engineers face balancing scalability, security, and decentralization.

Ethereum has its problems. Remarkably, the No. 2 cryptocurrency has a scaling issue, which is evident in the speed at which transactions are completed.

Scalability has been neglected in Favour of decentralization and security in Ethereum, and transactions may be expensive and cumbersome. That’s where Polygon steps in, emphasizing offering Ethereum with lower prices and better transaction times.

Developers have a platform to create and manage decentralized applications (dApps), smart contracts, non-fungible tokens (NFTs), and other things on layer-one blockchains like Ethereum. A Layer 2 blockchain called Polygon aims to aid Ethereum’s scalability.

Instead of attempting to duplicate Ethereum’s functionality, Polygon acts as a Layer 2 protocol. Instead, it helps to speed up transaction times and reduce expenses for developers. Think of it as a local train traveling next to a quicker, less-stoppered express train.

Currently, Polygon can process transactions at speeds of up to 7,000 TPS, compared to Ethereum’s 14 TPS limit. As a result, everything created on the blockchain is much faster and cheaper, similar to an HOV lane on a highway.

Experts predict that Ethereum will soon increase its TPS following its eagerly anticipated network upgrade in September 2022. However, Polygon’s lower fees should continue to draw developers and support the cryptocurrency’s narrative even after the Merge.

FAQs about Polygon:

What Is a Side Chain’s Expected TPS Rate?

The scalable capacity of a single side chain is over 65,000 transactions per second.

Where Are the Staked Tokens?

In an intelligent contract on the Ethereum blockchain, staked tokens are secured, and the tickets assigned to validators are not in their actual custody.

How to Purchase Polygon

Go to Kriptomat’s How to buy Polygon (MATIC) website and select your preferred payment option to purchase MATIC.

How To Sell Polygon

If you already have MATIC in your Kriptomat exchange wallet, you may quickly sell it by navigating the site and selecting your preferred payment method.

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